So my condo got cancelled... what now?

[milanista]

As many may already know, Giraffe Condominiums by TAS had their appeal turned down at the OMB.
As a "former" owner in this development, I of course am saddened by the news. But I turn to the urbantoronto nation for help with a few questions.

1.) When an appeal is denied by the OMB, is that it? Cancelled? Or is there somewhere else they may appeal to?

2.) How long before a developer gives the buyers their money back? I seem to recall that the buyers of 1 Bloor had to wait a longtime to be reimbursed, but I could, hopefully, be wrong. I would like it back asap so I can throw it down on another place.

3.) Where the hell am I going to live now??? I doubt I wil be able to find another 960 sq ft 2 bed+study corner unit with S/E exposure on the 16th floor with parking & locker for $411K. Not to mention, fantastic TTC access. I'm now considering Art condos, 530 St. Clair, Liberty Place, 775 King West, X2, Sync and anything else I think may vaguely fit my price range. I'm willing to go a bit smaller to stay in a relatively central location, and possibly higher in price as well, to about $450K, but I am still in the market for either a 2 bed or 2 bed+den.

Thanks. Any insight at all will help.

 

[the_yellow_dart]

I'm guessing at that price range that you're not considering resale condos?

 

[milanista]

I'm guessing at that price range that you're not considering resale condos?

Thanks for the reply.
I would consider resale, but it would have to be a really great deal from every angle.
I prefer to buy pre-construction because it would give me the time to save a bit more money. Giraffe was supposed to be ready in winter 2012, so a move in date anywhere from May 2011 to June 2013 would be appropriate.

 

[simuls]

A ton of brand new condo stock won't become available(registered) until mid 2011 (including Liberty Village Towers, Bliss, and Vibe in LV, and many others downtown), so I'd be looking resale if I were you. While I doubt you'll get that price (and remember that you'd have to add a bunch of extras to it to be a fair comparison), prices will be less next year and IMO it'll be a buyers market again. While it sucks that Giraffe died on you, keep saving and be prepared to jump in sometime early next year - you'll have tons of choice. And since they'll all be new construction it won't feel so bad! Most of the other condo's you mentioned (Art, X2, 775 King West) won't be ready until 2013 or later (Liberty Place has occupancy at June of 2014 for eg.).

As for getting your money, it really changes from developer to developer. I've heard as little as 4 weeks and then the 1 Bloor example. Hopefully, it's the former.

This might be a real opportunity for you!

 

[waterloowarrior]

1.) When an appeal is denied by the OMB, is that it? Cancelled? Or is there somewhere else they may appeal to?

They can appeal to the courts (only on a question of law) and also write to cabinet, but doing so is not common and not usually successful.

 

[changji2004]

Would you consider Cityplace Condo? I am selling an assignment now. (1 bedroom+den)
You can move in soon.

Thanks for the reply.
I would consider resale, but it would have to be a really great deal from every angle.
I prefer to buy pre-construction because it would give me the time to save a bit more money. Giraffe was supposed to be ready in winter 2012, so a move in date anywhere from May 2011 to June 2013 would be appropriate.

 

[Sepiraph]

Would you consider Cityplace Condo? I am selling an assignment now. (1 bedroom+den)
You can move in soon.

Are you that dense or desperate? OP original unit was a 2 BR + den, how on earth would you expect him to go for a 1BR?

 

[Josef]

Thanks for the reply.
I would consider resale, but it would have to be a really great deal from every angle.
I prefer to buy pre-construction because it would give me the time to save a bit more money. Giraffe was supposed to be ready in winter 2012, so a move in date anywhere from May 2011 to June 2013 would be appropriate.

There would be no way you'd move in June 2013 at Giraffe. I think Summer of 2014 would have been more of a reasonable time frame.

If you want to move in this Summer/Fall, Park Lake has some decent prices and the ttc is steps away. There's the Grayson 2 bedroom 950sqft suite for 409,000 or The Couchicing 970 sqft 2 bedroom plus den for 385,000 and I think with the special offers, you can knock off 25k from those prices.

http://www.pembertongroup.com/?core=all_communities&area=toronto&location=park_lake&info=suites

Sorry to hear about your situation.

 

[the_yellow_dart]

Man, this is a terrible layout (Lawrence). The other 2+den looks fine though.

 

[dt_toronto_geek]

Keep an eye on MLS to get an idea of what kind of bang for your buck that you can get in resale downtown. There are some great buildings that are 10-20 yrs. old now which have huge 2 bed or 2 bed+den/solarium apartments that you can get into for between $330-400K. If you take some time and your patient you can get nearly double the space that you had at Giraffe for less than what you were paying there.

 

[Josef]

I've seen a lot worse, but that isn't the greatest. There's a lot of options to modify the living/dining/kitchen area.

 

[changji2004]

I have 2 bedroom resale too.
(If you ever consider North York, then contact me. )

Are you that dense or desperate? OP original unit was a 2 BR + den, how on earth would you expect him to go for a 1BR?

 

[W. K. Lis]

Can you wait? I am sure that once the EA's for Transit City completes, you will be seeing developments along Sheppard East, Finch West, and Eglinton. It maybe buses at the moment, but once you get in before they start building those lines, you would be ahead of the game. Also, keep a look out for developments along the Spadina extension as well. Also look for news for the Dufferin & Lawrence development and neighbourhood.

 

[The Condo Observer]

Just trying to understand this...Is the project cancelled outright? Or was it an application for more density? Frankly, I think TAS is history. They sold their m5v project to Lifetime, so you might be better off moving your money to a different developer anyway.

 

[milanista]

I really have no idea if Tas is still involved with M5V. Signage on the project site says both lifetime and Tas, while the website still says Tas as well, so who knows?
I do appreciate everyone's suggestions. I'm really not considering North York though. My sort of rough preferred area would be south of Eglinton, East of Keele & west of the the DVP area. With a few exceptions (for example I wouldn't want to live at Keele and St. Clair even though it falls into my boundaries, and I would consider places like Leslieville)
I don't really like Park Lake, although it is well priced I'm really looking for a condo in a more urban neighbourhood. Places like Park Lake and the Humber bay area are just a little to isolated for me.
I am going to keep looking on MLS, as I sit in front of a computer most days anyway, although like I said before, I am more partial to buying pre-construction.

Thanks for your responses everyone, I really do appreciate it.